Multisite installation on IIS gives 404 trying to access the admin dashboard

As per this issue on the WordPress trac, the problem are the rules 4 and 5.

The solution is to change the url parameter and add 1, so, instead of this:

            <rule name="WordPress Rule 4" stopProcessing="true">
                <match url="^([_0-9a-zA-Z-]+/)?(wp-(content|admin|includes).*)" ignoreCase="false" />
                <action type="Rewrite" url="{R:1}" />
            </rule>
            <rule name="WordPress Rule 5" stopProcessing="true">
                <match url="^([_0-9a-zA-Z-]+/)?([_0-9a-zA-Z-]+/)?(.*\.php)$" ignoreCase="false" />
                <action type="Rewrite" url="{R:2}" />
            </rule>

You have this:

            <rule name="WordPress Rule 4" stopProcessing="true">
                <match url="^([_0-9a-zA-Z-]+/)?(wp-(content|admin|includes).*)" ignoreCase="false" />
                <action type="Rewrite" url="{R:2}" />
            </rule>
            <rule name="WordPress Rule 5" stopProcessing="true">
                <match url="^([_0-9a-zA-Z-]+/)?([_0-9a-zA-Z-]+/)?(.*\.php)$" ignoreCase="false" />
                <action type="Rewrite" url="{R:3}" />
            </rule>

Doing this change allows the multisite feature to work.